U.S. Home Values Decline Nationwide - Exceptions in NW

[meshugy]

"While numerous cities around the nation are showing actual year-over-year declines in home values, the Pacific Northwest is largely bucking that trend and in fact is showing double-digit appreciation in some areas," said Stan Humphries, Zillow's vice president of data and analytics. "Four of the top- five highest-appreciating metropolitan areas are located in Washington State or Oregon. Conversely, the two areas with the most depreciation are on the Gulf Coast of Florida, both with double-digit depreciation."

Some other interesting findings from the national report include: -- Five highest-appreciating metropolitan areas (year-over-year): - Corvallis, Ore. (17.26%) - Grand Junction, Colo. (16.57%) - - Bellingham, Wash. (11.68%) - Portland-Salem, Ore. (10.72%) -- Five most depreciating metropolitan areas (year-over-year): - Sarasota-Bradenton, Fla. (-15%) - Punta Gorda, Fla. (-12.43%) - Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%) - Pittsfield, Mass. (-8.62%) - Reno, Nev. (-8.5%) -- Five most expensive metropolitan areas (measured by Zindex): - San Francisco-Oakland-San Jose, Calif. ($680,868) - Honolulu, Hawaii ($626,110) - Santa Barbara-Santa Maria-Lompoc, Calif. ($596,702) - Los Angeles-Riverside-Orange County, Calif. ($541,572) - San Diego, Calif. ($513,695) -- Five least expensive metropolitan areas (measured by Zindex): - Peoria-Pekin, Ill. ($90,116) - Tulsa, Okla. ($95,382) - Rockford, Ill. ($108,811) - Columbia, S.C. ($111,763) - Champaign-Urbana, Ill. ($123,448)

[deeplennon]

Corvallis, Grand Junction... Seattle.

World class cities one and all!

[sniglet]

Does this mean that more real-estate declines in the rest of the US the better it is for Seattle? Would a further 20% in nation-wide real-estate values result on a 20% increase for the Puget Sound?

[kpom]

Sniglet,

It cannot be otherwise, Socrates.

The RE market in the rest of the US will collapse in a steaming heap, but that will not affect the guarenteed 20% annual appreciation in the Pacific Northwest.

This is a logical corollary of the Ardell Effect, which posits that no amount of price decline in South Seattle will affect the price of housing near Microsoft in the slightest.

And soon Meshugy will be able to look out from his $10 million home in Ballard and laugh at us all...

[deejayoh]

yes, Ballard will be like Japan in the 80's - when 1 square mile of Tokyo was worth more than California.

Oh wait - that didn't turn out so well, did it?

[TheMightyQuinn]

Seattle-Tacoma-Bremerton, Wash. (12.03%)
Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%)

We all know that no one wants to live in Santa Barbara but everyone wants to live in Seattle, or Tacoma (!?) or Bremerton (!?)

[kpom]

I'm thinking of moving to Bremerton - I want to open a tattoo parlor...

[TJ_98370]

I think the tattoo parlors are in Gorst, a scenic suburb of Bremerton, right next to the only topless entertainment place in Kitsap County.

[EastSider]

[synthetik]

[deejayoh]